Dragon Oil Drops Petroceltic Takeover on Weak Oil Prices



Reuters

LONDON, Dec 1 (Reuters) – London-listed oil producer Dragon Oil has dropped its takeover offer for rival Petroceltic due to weak market conditions, nearly two months after the deal was first announced.

"Dragon Oil now confirms that, in the light of prevailing market conditions, it no longer intends to make an offer for Petroceltic," the company said in a statement on Monday.

Petroceltic said in a separate statement that its flagship gas condensate project in Algeria was unlikely to be affected by weak oil prices.

(Reporting by Karolin Schaps, editing by Louise Heavens)



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